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re: Tax on unrealized capital gains...a primer
Posted on 8/25/24 at 7:16 pm to udtiger
Posted on 8/25/24 at 7:16 pm to udtiger
Newt Gingrich gave me a hope with a SiriusXM interview today.
There is absolutely ZERO evidence that a significant number of people support these absurd policies (speaking of this and price controls specifically). He brought up McGovern in '72 and Dukakis in '88. Once people start really considering this, they will stay home or vote Trump.
He predicted a big win for Trump in the electoral college and a slight popular vote win. Predicts the Senate will go GOP but is worried about the House.
There is absolutely ZERO evidence that a significant number of people support these absurd policies (speaking of this and price controls specifically). He brought up McGovern in '72 and Dukakis in '88. Once people start really considering this, they will stay home or vote Trump.
He predicted a big win for Trump in the electoral college and a slight popular vote win. Predicts the Senate will go GOP but is worried about the House.
1
Posted on 8/25/24 at 7:17 pm to Chair45
quote:
i honestly believe that in 10-15 years this may very well become a reality. once this idea gets more traction in the media and colleges, it'll be something that far left politicians may implement in california/mass/illinois, and then it may become a national talking point
I mean, you have to also understand that Gen Z'ers and younger, maybe even millennials and younger, do not own anything. Gen Z'ers mostly can't buy a house. Forget Gen Alpha's. They pay subscriptions for everything. Ownership does not matter to them.
I mean it sucks. I own a house and some assets, but, housing costs have gone up way past the rate of wage increases. It's insane how expensive housing is.
Posted on 8/25/24 at 7:18 pm to Icansee4miles
Yep, if it happened, definite tea in the harbor moment.
I won’t pay it and neither should anyone else. You can’t tax me on money I’ve never had and may never have.
Take OP’s example. House went from $259M to $500M. They hit me with unrealized bs. Next year the housing market tanks and house value falls below $200M. Would they refund it?
I won’t pay it and neither should anyone else. You can’t tax me on money I’ve never had and may never have.
Take OP’s example. House went from $259M to $500M. They hit me with unrealized bs. Next year the housing market tanks and house value falls below $200M. Would they refund it?
Posted on 8/25/24 at 7:20 pm to udtiger
quote:
Imagine your house. You bought it for $250k and it's now worth $500k. So, you have an unrealized gain of $250k. Let's say the tax is 20%, so you suddenly have to stroke a check for $50k.
If that's actually how it would work out I don't see that going very far. Even with Gen Z and Gen Alpha not owning anything, waaaaaay too many people have assets and not enough money to pay this kinda shite.
People haven't voted for their wallets in a while, but this is the kind of thing where people might break the voting based on mean tweets cycle.
Posted on 8/25/24 at 7:21 pm to udtiger
So what about all the folks, including corporations like Black Rock, that bought up a bunch of houses to rent out. Would they owe this tax on all the equity in those properties?
Posted on 8/25/24 at 7:23 pm to iron banks
quote:
not a serious person, just stupid or evil
I'm thinking both.
Posted on 8/25/24 at 7:24 pm to udtiger
quote:
Ignore the "promise" it's only for people making more than $100 million. Income tax was originally only on the top 1% of Americans.
I just read the proposal.
You can't really ignore this "promise" though I understand your premise. It's a pretty big thing to ignore.
Posted on 8/25/24 at 7:35 pm to bayoudude
quote:
it’s back to cash in the mattress for most folks
No, Baw. Fiat greenbacks are a depreciating asset. Printing more dollars and inflation deflates the value of the dollars in your mattress. Buy Gold and silver. They have been an appreciating asset for a long time, with dips.
Posted on 8/25/24 at 7:43 pm to Mushroom1968
quote:
The fact they even have this as an idea is mind blowing
Their base is crazy and wants crap like this to stick it to the man. I doubt they have any incentive to follow through on this stupid BS, or they would lose all of their rich donors, but they will say it because the rabid morons that vote for them love it...
Posted on 8/25/24 at 7:44 pm to Hangit
quote:
No, Baw. Fiat greenbacks are a depreciating asset. Printing more dollars and inflation deflates the value of the dollars in your mattress. Buy Gold and silver. They have been an appreciating asset for a long time, with dips
Posted on 8/25/24 at 8:10 pm to udtiger
quote:Better question, what if it goes down? Does the government give me a check for $50k for an unrealized loss? Somehow I doubt it.
Yeah, what about next year when your unrealized gain is STILL $250k?
Posted on 8/25/24 at 8:11 pm to OU Guy
quote:
It would completely destroy the economy and make the depression look tame. No one would buy anything of value. Sellers would not find buyers. Market would crash.
No big deal for some. The swamp rats would continue to live the life of cocktail parties, private jets and people groveling and kissing their arse.
Posted on 8/25/24 at 8:12 pm to anc
quote:I remember people saying the same thing in 2008 about Obamacare. We cannot become complacent.
There is absolutely ZERO evidence that a significant number of people support these absurd policies (speaking of this and price controls specifically).
Posted on 8/25/24 at 8:12 pm to udtiger
This has Chief Elizabeth Warren’s moccasin prints all over it.
Posted on 8/25/24 at 8:18 pm to clacker
People would simply stop paying taxes. They'd have to go after more than half the country, which they don't have the resources to do.
Posted on 8/25/24 at 8:20 pm to Hangit
" Buy Gold and silver."
And lead or brass.
And lead or brass.
Posted on 8/25/24 at 8:24 pm to udtiger
quote:
Ignore the "promise" it's only for people making more than $100 million.
Im fairly certain it doesn’t apply to anyone on this site. Today. In 4 years, that policy may apply to everyone on this site that owns real estate and stocks and probably 401k accounts too. The ridiculous $100 mill figure is the shoe in the door to prop it open, and then it will be fully open, applied to the “rich” folks making over $100k.
Posted on 8/25/24 at 8:40 pm to David_DJS
quote:
Would this apply to a wealth tax, too?
A "tax on unrealized capital gains" is just a fancy term for "wealth tax".
quote:
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
For purposes of the 16th Amendment, in order for something to be considered income it must first be derived from a source. In today's financial terminology, "derived" means "realized".
Posted on 8/25/24 at 8:47 pm to Bard
quote:
A "tax on unrealized capital gains" is just a fancy term for "wealth tax".
That's where my head was at, which is why I asked. This would be a wealth tax.
Posted on 8/25/24 at 8:54 pm to udtiger
quote:
Ignore the "promise" it's only for people making more than $100 million.
Ignore the facts and trust Op bro.
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